Analysis of Today's Market

On Thursday, during the U.S. trading session, gold prices rebounded somewhat. After the U.S. inflation report came in higher than expected, which was tempered by weaker U.S. employment data, gold gained about 0.67%. Nonetheless, recent hawkish comments from a Federal Reserve official capped the precious metal's gains. Gold rebounded near 2,630 after dipping to a daily low of 2,603.

The inflation rate in the United States for August was slightly higher than anticipated, although this was offset by the employment data. The U.S. Department of Labor announced that more people than expected applied for unemployment benefits, which could lead the Federal Reserve to actively lower borrowing costs.

Gold hovered around 2,629,with a high of 2,636 and a low near 2,620.8 as of press time . Keep an eye on the resistance levels at 2,640-2,650−2,660. If these levels are not breached, a test of 2,610−2,600-$2,590 will be in sight.